This event, the Geelong September Breakfast Club, was aimed at legal and accountancy practitioners who have clients that run businesses.
We all think we know a business when we see one, but whether a business is being carried on is only one issue, because it is also important to know if and when an activity is part of a business. The non-commercial loss rules can apply when a business is being carried on, and yet, most practitioners seem to think that the rules have only a simple or limited application. The decision in Watson's case has raised new issues and allows the Commissioner to apply the rules in ways not previously thought possible. John Morgan, who argued Watson before the Federal Court, discussed the issues and consequences of Watson's case.